Coal India posts 29-% risein H1 net; eyes overseas stakes
23 November 2010
The world's largest coal producer, Coal India Ltd today, reported a 29.06 per cent year-on-increase in its fiscal first half net profit, at Rs4,020 crore, against a net profit of Rs3,115 crore during the corresponding period of the previous year.
Net sales of the company rose 16.9 per cent to Rs22,525.53 crore during the April-September 2010 period, compared with Rs19,269.52 crore in the same period the previous fiscal, Coal India said in a filing with the Bombay Stock Exchange (BSE).
Coal India Ltd, is also in advanced discussions with Peabody Energy of the United States to acquire a stake in the latter's Australian operations.
Coal India has proposed to invest $200 million (EUR147.6 million) for a stake in Peabody's Australian mines as also sign a long-term contract with the company for lifting of coal, CIL chairman Partha Bhattacharyya said after the release of CIL's results for the first half of fiscal 2010-11.
Besides Peabody, CIL has shortlisted US firm Massey Energy and Indonesia's Novem/Sinarma for possible partnerships in Australia, Indonesia and the US, he said.
The Navratna public sector company, which got listed on the stock exchange early this month at a premium of 17 per cent, has been looking to acquire coalmines abroad and has earmarked Rs6,000 crore for acquisitions in the current fiscal.
The Coal India scrip was trading at Rs321.20 on the Bombay Stock Exchange, which is 3.66 per cent down from the previous close.
Coal India Ltd (CIL), which got listed on the stock exchange on 4 November 2010, has to submit financial results from the October-December quarter as per clause-41 of listing agreement.
The half-yearly consolidated accounts (April-September 2010) of CIL and its subsidiaries as also its standalone results have been reviewed by the auditors, CIL said.